Studies show that only a small percentage of people actively day trading are able to make regular profits. Others often end up with no visible money-loss while others end up losing a lot.
It's a fact that day trading is full of risks and while making loads of money is definitely possible, 90% of the people might end up losing a lot instead.
While I can't say that following these tips will make you a winner, following many of them definitely won't hurt you either.
Start with the basics
Before you actually dive into the world of day trading, start by learning about it all. There's hundreds of books around about the topic, loads of websites as well as courses you can take. While you don't have to get introduced to them all, if I say start with 25 books, it definitely won't hurt.
Keep a diary
And right now I don't yet mean a trading diary. When you first start learning and reading about trading, write down the most important things you should always remember. Write down the techniques you would forget about otherwise. Write down the examples brought out in the books. The way this blog initially started out was actually exactly like that - I simply started reading and learning about it all, and instead of keeping a private diary, I decided to start a blog about it instead.
Learn for free
Before you start trading for real money, download yourself a trading platform
where you can trade for free. These platforms are offered by real trading companies and work exactly as the real thing, except the real risk. Or you could simply try out a nice online trading simulation
that I created myself a while back. It's called Stock shark and is available at http://www.stock-shark.net. It's free to use. However, I haven't tested it for a while, so I hope it still works.
Continued in Part II.